When Satoshi Nakamoto first wrote the Bitcoin Whitepaper back in October 2008, the goal was to create a peer-to-peer electronic cash system that would bypass financial institutions. Over the past decade, this new form of money has led to powerful social movements and technological advancements that have evolved cryptocurrencies like Bitcoin into something more than what was originally proposed. For some, they are a necessity against the controlling economic conditions that dictates their lives, and a step towards towards a decentralized environment that provides freedom to people .
The industry is currently valued at $114 billion with over 15,000 markets and 2,000+ different cryptocurrencies, all with their own individual goals. Some will succeed, others will fail. But, we are entering a new global paradigm shift that will change the way that we transfer value across the world.
Litecoin is amongst the earliest cryptocurrencies to be a part of this revolution. Dating as far back as October 2011, Litecoin has withstood the test of time by continuing to be a top performer in the market. This is primarily due to its clear focus on being the Silver to Bitcoin’s Gold— translating in a larger supply, quicker block times and lower transaction fees than Bitcoin.
Throughout history, Gold was used as the standard for transacting, however, it was often quite difficult to transport and use as a daily medium of exchange. This led to other precious metals such as Silver being utilized as a more convenient medium of exchange whilst Gold moved towards becoming an extremely useful store of value. In fact, Silver had similar store of value qualities to Gold because it was seen as rare, demanded and valuable in society. However, the fact that Gold is more scarce gives it this unique ultimate storage of value amongst precious metals.
Litecoin has never aimed to become the ultimate store of value like Gold in this case. It’s premise on being the Silver to ...